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Business Standard
7 days ago
- Business
- Business Standard
slice brings UPI-powered bank branch and ATM to Gurugram
PRNewswire Gurugram (Haryana) [India], August 13: slice, which aims to build India's most loved bank, today unveiled its second UPI-powered physical branch in Gurugram, bringing its technology-forward banking philosophy to northern India. The launch follows the groundbreaking debut of India's first UPI-integrated physical banking experience in Bengaluru this June. slice SFB expands physical footprint with the launch of a UPI-first bank branch in Gurugram. The new Gurugram branch continues slice's vision of building a banking experience that prioritizes speed, transparency, and customer delight, all while lowering the cost of delivery through technology. With complete UPI integration woven throughout its services, this physical branch enables customers to experience banking that feels intuitive and seamless. When customers walk in, they discover that everything, from opening a bank account in minutes to depositing or withdrawing cash via slice's UPI ATM, or accessing services through self-service digital kiosks, makes banking feel as effortless as making a UPI payment. "At slice, we're building for a future where banking feels effortless, whether it's on your phone or at a branch near you," said Rajan Bajaj, Founder and Executive Director of slice. "Gurugram represents the future of urban India. It's young, aspirational, and digital-first. With this new UPI-powered branch, we're turning a traditionally slow and complex experience into something fast, intuitive, and built for real life." At the new Gurugram branch, customers can instantly open a savings account through self-service digital kiosks, access banking services such as fixed deposits and credit, and use the slice UPI ATM to deposit, withdraw, or transfer money - all without the need for an account number, IFSC, or debit card. By simply scanning a QR code and entering the amount, users can complete transactions with ease, extending the convenience of UPI into traditionally complex banking services. Following its merger with North East Small Finance Bank, slice now operates as a full-stack bank, building its own core banking systems, payment infrastructure, and ATM networks from the ground up. This expansion is part of slice's broader push to build a distributed, technology-enabled, and UPI-integrated banking network that works across urban and semi-urban India alike. The slice digital bank branch in Gurugram delivers: * Full UPI integration across all services * UPI-powered ATMs for easy cash deposits and withdrawals * Instant customer onboarding with zero paperwork * Self-service kiosks for exploring and accessing bank products slice SFB remains focused on building a bank for a billion Indians - one that simplifies credit, makes saving and spending easier, and brings formal finance to every corner of the country. About slice slice is on a mission to build India's most loved bank. It is reimagining consumer banking in India with simple, transparent, and technology-driven products. Following its merger with North East Small Finance Bank, slice operates as a full-stack bank, offering the slice savings account, slice fixed deposits, slice UPI, slice borrow, the slice UPI credit card and UPI-powered bank branches. slice's mission is to make banking faster, fairer, accessible and easier for every Indian. slice is backed by marquee global investors including Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital. Photo:
Business Standard
01-07-2025
- Business
- Business Standard
slice launches flagship credit card and India's first UPI-Powered Bank Branch
PRNewswire Bengaluru (Karnataka) [India], July 1: slice, which aims to bring banking to every Indian, today launched the slice UPI credit card, a breakthrough credit card designed to transform how India accesses credit. Expanding this vision, slice opened India's first UPI-powered physical bank branch and ATM, pioneering an entirely new banking experience built around simplicity and speed. * Introducing breakthrough UPI credit card, the slice super card * Reimagining banking experience by bringing digital elegance to a physical location * Unveiling the UPI ATM that accepts cash deposits The slice UPI credit card, which charges no joining or annual fee, is designed to be the best credit card for everyone. It delivers an effortless credit experience that feels as natural as any UPI transaction. Users simply scan QR codes or make UPI payments, drawing effortlessly from their credit line. The slice UPI credit card rewards customers up to 3% cashback on all spends while the innovative slice in 3 feature offers an instant ability to convert spends into three interest-free instalments. The slice super card advances slice's ambitious vision of democratizing formal credit access across India. UPI has revolutionized digital payments for more than 400 million Indians, making most of them credit-eligible in the process. Yet more than 200 million of these users remain underserved, forcing them to seek credit on unfavourable terms that ultimately limit their financial potential. "In my 40 years of banking, I have witnessed several milestones, but I feel truly proud to be part of what I see as a revolution in how India will perceive banking and finance," said Satish Kumar Kalra, MD & CEO of slice. "We are reimagining banking from first principles, building a system where technology, simplicity, and trust come together to serve every Indian. Credit on UPI will be the next big leap for credit access and inclusion in this country, and there is no better way to achieve it than by integrating the entire banking system around it. This is just the beginning of a journey that will redefine banking as we know it." slice, which recently merged with NESFB, is uniquely positioned in the market. Unlike much of the fintech industry that relies on third-party banking partners, slice operates as a bank, owning every element of its infrastructure -- from core banking systems to advanced underwriting capability. With deep roots in the Northeast, this step into Bengaluru marks a defining moment in the bank's journey toward physical expansion across India and its broader growth story. "Credit on UPI is going to be the natural next step for how India spends," said Rajan Bajaj, Founder and Executive Director of slice. "The credit card is a 75-year-old product, but in India it must be reimagined, with UPI as the catalyst, to truly realise its potential. If we want to make UPI credit cards meaningful, we must focus on getting the credit part right. It cannot just be a digital layer on top of a traditional credit card." He adds: "The real opportunity is to deliver the right form of credit at the point of sale, through a mobile interface, for 300 million customers. Tens of millions of these merchants have never accepted credit cards before, so we must solve fraud at scale while also enabling credit for those who are truly creditworthy. And with slice UPI ATMs we want to reduce the cost of deposit and withdrawal of cash to a level that basic banking services are economically viable for a billion Indians in the future." The Future of Banking, Starts Today The new slice UPI-powered bank branch in Koramangala, Bengaluru, transforms banking from a necessity into an experience. slice customers can now walk into the first digital bank branch to experience unprecedented convenience, speed and ease of access. Customers can make withdrawals as well as deposits to and from the UPI ATM, open accounts and explore other banking products from kiosks. The slice UPI-first digital bank branch delivers: * Complete UPI integration across every customer interaction * Instant customer onboarding with streamlined processes * Self-service digital experiences that prioritize efficiency * UPI ATM services for seamless cash deposits and withdrawals Together, these innovations represent slice's boldest move to shape a banking future that is digitally native, built around UPI's inclusiveness and universal accessibility. About slice: slice is on a mission to build India's most loved bank. It is reimagining consumer banking in India with simple, transparent, and technology-driven products. Following its merger with North East Small Finance Bank, slice operates as a full-stack bank, offering the slice savings account, slice fixed deposits, slice UPI, slice borrow, the slice UPI credit card and India's first UPI-led bank branch. slice's mission is to make banking faster, fairer, accessible and easier for every Indian. slice is backed by marquee global investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital.
Economic Times
29-06-2025
- Business
- Economic Times
Slice SFB aiming to close FY26 in the black; not looking to raise any capital
Slice Small Finance Bank has turned profitable on a monthly basis and is aiming to close FY26 in the black, a top official has said. The entity, which came out of a surprising merger between the fintech Slice and the North East SFB a few months ago, is adequately capitalised and not looking to raise any capital, its executive director Rajan Bajaj told PTI. The current focus is to build a pan-India business using the low-cost digital channels, and the entity is not interested in any more mergers, Bajaj said, adding that it may look at transitioning to a universal bank in the next five years. Before the merger, the North East SFB had reported a loss of Rs 441 crore, and Slice was also reporting losses. "We have turned profitable post-tax on a monthly basis and will close the year in profits," Bajaj said. The bank is adequately capitalised and the buffers will also be supported by the profits, he added. As per recent media reports, the bank was aiming to raise up to USD 300 million in capital. It is adding up to 3 lakh new accounts to its base on the back of digital journeys, Bajaj said, pointing out that the savings bank interest rate offering is at par with the RBI's repo rate and the fixed deposit offerings are a notch higher, which is helping in attracting customers. The pace of account opening is the fifth or the sixth fastest in the industry and at par with much bigger rivals, he said. On the lending front, it does consumer credit including unsecured personal loans and business credit which includes loans against property, he said, stressing that the focus is on serving people who may be underserved by the banking system. Aiming for a big increase in its borrowers and loan portfolio, the bank launched a UPI-based credit card on Saturday, Bajaj said, pointing out that over 30 crore of UPI users can be the potential target audience for such an offering. The bank stands to make an interchange of up to 1 per cent depending on where the credit facility is availed, and will also make revenues from rollovers and fees, he said. Bajaj said its personal credit vertical has been able to deliver credit at a cost which is a tenth of the industry courtesy digital inputs, and added that the credit costs are also 30 per cent lower than the industry average because of the analytics engine which is used for diligence. The bank also launched a 'UPI-powered bank branch' in Bengaluru, which can be used by any bank's customers for a slew of transactions, including cash deposits into any account using cash accepting machine, and then remitting the money to any mobile number, Bajaj said.
Mint
29-06-2025
- Business
- Mint
After years of burn, Slice looks to turn profitable in FY26
Three years after a regulatory crackdown disrupted its core business, fintech startup Slice says it has turned profitable on a monthly basis and is targeting full-year profitability in FY26. The turnaround follows its transition into a regulated bank after its final merger with North East Small Finance Bank (NESFB) in October 2024. Slice was among several fintechs forced to stop offering credit line offerings via prepaid payment instruments (PPI) wallets after the Reserve Bank of India's 2022 circular. This effectively shut down Slice's popular card offering, which had gained traction among younger Indian users. Following its acquisition and merger with NESFB, Slice has stabilised its operations, consolidated assets, and transitioned into a deposit-funded, digital-first bank, founder and executive director Rajan Bajaj told Mint. 'We are now PAT-positive on a monthly basis. That was a milestone we had set for ourselves after the merger, and we have been able to achieve it quite early," Bajaj said. However, the small finance bank has not yet disclosed audited financials for FY24, and the profitability target remains based on internal metrics. Slice saw its revenue surge in FY23, reaching ₹847 crore, a threefold increase compared to the previous year. However, this growth was accompanied by a significant rise in losses, reaching ₹406 crore, a 59.8% increase from FY22. 'We have converted into a public entity now, we just haven't listed yet," Bajaj said. 'As a bank, you have to list after a certain point. We want to do that in the next 3–4 years." Full banking status Slice's evolution from a non-bank lender into a full-stack bank comes at a time when several fintech peers are still grappling with regulatory headwinds. The RBI has turned down other applications for banking licences, including that of Navi, making Slice's route—via the merger with an existing bank—an exception. With NESFB's licence, Slice has access to core banking infrastructure, the ability to raise retail deposits, and offer regulated credit products. 'We've converted into a public entity, we just haven't listed yet," he said, noting that banks are required to go public after a certain point. Slice aims to list within 3–4 years. According to Bajaj, the bank is onboarding approximately 3 lakh customers per month since October and claimed the bank has doubled its deposit base post-merger, though the actual value of deposits was not disclosed. One of Slice's key products is a repo-rate-linked savings account, which passes on 100% of the prevailing repo rate to depositors. Interest is calculated daily and credited directly to users' accounts. 'Most banks don't give the full repo rate to customers. They offer 2.5–4%. We're changing that," Bajaj said. This comes at a time when the RBI's third consecutive rate cut, bringing the repo rate to 5.5% in June, has prompted banks to reduce FD interest rates, impacting deposits. UPI-linked credit card Slice is betting big on a UPI-linked credit card aimed at India's 300 million underserved but credit-worthy users. 'We think the credit card product is going to get redesigned for India, just like payments got redesigned in the last 10 years," Bajaj said. The product allows users to make QR code-based UPI payments using their approved credit limit. Bajaj said about 5 million users have accessed Slice credit so far, and half of them were new-to-credit customers. Earlier this year, NPCI chief Dilip Asbe underscored the push to onboard an additional 200–300 million users to UPI to 'break their cash memory," pointing to the potential size of the addressable market. Digital branchesSlice has opened its first UPI-led digital bank branch in Bengaluru's Koramangala, featuring a Slice-branded UPI ATM that allows cardless cash deposits and withdrawals using any UPI app. 'You don't have to carry your debit card. That's a relic of the past," Bajaj said. While banks like SBI and Hitachi have previously piloted UPI ATMs, Slice plans to scale aggressively with installations across 600 districts, including rural areas. Bajaj noted that earlier pilots suffered from low visibility and uptake. Slice primarily competes with other small finance banks and potentially traditional banks in the digital banking space, apart from other credit card players in fintech. The bank is also expanding into merchant-facing infrastructure, such as current accounts, QR-code-based collections, and faster settlement cycles, in a bid to become the primary digital bank layer for UPI users. 'To build a true UPI credit card ecosystem, you have to solve the problem end-to-end, for both consumers and merchants." On future fundraising, Bajaj said Slice is not actively seeking external capital at the moment, citing strong deposit inflows and capital adequacy. 'We're not doing any formal discussions right now. But as and when we need capital, we will raise," he said. Since its inception in 2016, the company has raised close to $342 million in multiple funding rounds from investors such as 360 One, Insight Partners, and Tiger Global Management, among others.
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Business Standard
29-06-2025
- Business
- Business Standard
Slice SFB aiming to close FY26 in black, not looking to raise any capital
Slice Small Finance Bank has turned profitable on a monthly basis and is aiming to close FY26 in the black, a top official has said. The entity, which came out of a surprising merger between the fintech Slice and the North East SFB a few months ago, is adequately capitalised and not looking to raise any capital, its executive director Rajan Bajaj told PTI. The current focus is to build a pan-India business using the low-cost digital channels, and the entity is not interested in any more mergers, Bajaj said, adding that it may look at transitioning to a universal bank in the next five years. Before the merger, the North East SFB had reported a loss of Rs 441 crore, and Slice was also reporting losses. "We have turned profitable post-tax on a monthly basis and will close the year in profits," Bajaj said. The bank is adequately capitalised and the buffers will also be supported by the profits, he added. As per recent media reports, the bank was aiming to raise up to USD 300 million in capital. It is adding up to 3 lakh new accounts to its base on the back of digital journeys, Bajaj said, pointing out that the savings bank interest rate offering is at par with the RBI's repo rate and the fixed deposit offerings are a notch higher, which is helping in attracting customers. The pace of account opening is the fifth or the sixth fastest in the industry and at par with much bigger rivals, he said. On the lending front, it does consumer credit including unsecured personal loans and business credit which includes loans against property, he said, stressing that the focus is on serving people who may be underserved by the banking system. Aiming for a big increase in its borrowers and loan portfolio, the bank launched a UPI-based credit card on Saturday, Bajaj said, pointing out that over 30 crore of UPI users can be the potential target audience for such an offering. The bank stands to make an interchange of up to 1 per cent depending on where the credit facility is availed, and will also make revenues from rollovers and fees, he said. Bajaj said its personal credit vertical has been able to deliver credit at a cost which is a tenth of the industry courtesy digital inputs, and added that the credit costs are also 30 per cent lower than the industry average because of the analytics engine which is used for diligence. The bank also launched a 'UPI-powered bank branch' in Bengaluru, which can be used by any bank's customers for a slew of transactions, including cash deposits into any account using cash accepting machine, and then remitting the money to any mobile number, Bajaj said.
